Yup, that’s the practical way of going about most things in life!
When I said part time I do not mean guessing on trades and hopes it goes well. I would be putting in a lot of effort to learn to trade and once I become comfortable with it, I would be doing swing trades. So instead of gluing myself to the screen doing day trades, I would enter a trade, check it periodically, and if it shows that it is changing directions according to my trading system I will leave the trade to avoid further loss. Obviously I would be setting my stops and profits as well.
I will definitely look into taking statistics and finance, but econometrics is very new to me but I’ll give it a look. I do have a slight background in programming, and I have been looking at genetic algorithms, so that definitely seems like something to study.
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I do tend to find someone who has experience in the field I am studying and try to learn from them. However, with Forex, it seems like it is very hard to find someone reliable because they all seem to be selling services. I know that doesn’t mean they are bad traders, but it is very hard to tell the difference between the person who wants to share their knowledge and make a little profit, and the sleazeball who just wants to make easy money.
I use an online academy with 24/7 learning a live trainers. The academy teaches from the very basics from what a pip is leverage, money management all the way to the geometry of trading. The thing I like most about is it’s 24/7 and self-paced with video training as well as daily Live training. If you have any interest let me know bpmalone1 at gmail
There are books, start reading. Or you can pay for school for someone else to read them first and than spoonfeed it to you.
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I did purchase some trading books recently from a list on the Forex subreddit. However, I do feel like school could help because you can have someone help explain the bits and pieces you’re confused about. Or, better yet, they can help prevent any bad habits.
If you think someone at a paid trading course will bother studying your trades a trying to understand your methodology and your mistakes to give you a personalized feedback you are mistaken. Courses only provide you with generic content, same for every student, with basic info (available here on babypips for free) and specific strategy for you to learn (also probably available here for free) and happily take (loads of) your money. If you want any feedback on YOUR performance, than better look for one on one coaching but that is extremely expensive if provided by someone who is actually any good. Or maybe you mean proper financial/economic education, but i dont know anything about that and whether it helps so I dont comment.
I completely agree to DuarteAlex46. There is no need for any college course on forex. There is already a lot of stuff on the internet. It should be enough for you to get going.
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They will not teach you this in college
Hi Filnwazi,
I Started Trading approx 14 months ago - Best decision I ever made - when following the correct path. I am not pro trader however I am and have been trading consistently for approx 6 months now. Hopefully anybody who see this comment will see the validity / can relate to the advice given below, please read till the end.
Micro/Macroeconomics ?
That will over-complicate trading when you start. I would recommend to perfect when to get in and when to get out - just like any investment. We do this by analysing the data in front of us that’s why technical analysis is crucial.
We dont need to know the news/economics - we just need to know when the majour releases are coming out so we can avoid trading those pairs like a rash an hours before / after - especially NFP. forexfactory, investing / myFXbook are good for this. filter out high impact news (red folders / 3 bulls (if using investing).
Remember over 95% of people who try trading… fail. theres big reasons for this. the markets are not set up for us to win… and everybody learns the same way. Banks know this, its called liquidity! Going from website to website will soon result in analysis paralysis where you learn alot about pieces of the jigsaw puzzle, but never SHOWN how to string it together to make sense - This is usually the point where people give up because we keep going back at the markets, gaining more knowledge every time just to lose more trades - Bad cycle to get into - this is a probabilities game, remember that ! BannyChen touched on this mentioning risk to reward.
100% agree with people saying (most) courses are a waste of time, you cant learn to trade from watching a few recorded videos then having a “mentor” for 3 days. Its just like learning to drive for 3 days then taking your test - this is why stock brokers provide education, the markets are not set up for us to win. Whats more feasible is copying someone with results over an extended period of time whilst they break down the charts each day, explain their analysis, and have a live chatbox to ask questions. This is predominately how i learnt. The best way to undo 30 years of learning is to copy somebody who has the results your looking for.
Understanding in trading out goal is getting IN and OUT at the right time, hence ! you need RULES. WHEN are you getting in and WHEN are you getting out (trading edge) !? Greed will be the death of you if you do not define that ! Just understand the advantages and disadvantages of your trading edge. If its:
Indicator based. YES they do lag, HOWEVER they can be later on programmed, and very easy and consistant way to enter a market without subjectivity. Different indicators show different aspect of the market hence its more the combination you use as opposed to the indicators themselves.
Breakout trading - highly risky - breakouts can often be fakouts - HOWEVER risk to reward is greatly heightened & precision entries.
Trend following trading - Youll miss out on 30% of the move HOWEVER your entering the market when there is momentum behind it !
Fibbonachi - Precision entries - good risk to reward - Some like to use these for elliot wave theory, however can be highly subjective depending on where you extend your fibs from. everybody looks at the charts differently.
I could list so many more but this comment is long enough ! haha! Hopefully your starting to see how trading can be like a Maze or a jigsaw puzzle, very few- will stick around to figure “trading” out, most will get frustrated trying to get that infinite knowledge which dont exist - remember its a probabilities game, youll never understand what the market is going to do, let it decide then just ride the trend out (im a trend follower so thats biased) ! I learnt my trading edge through one of the 100’s of educators on my course however for me it was a good investment of time for money for me as I started getting consistency in approx 3 months. If money is tight - obtain a “trading edge” from somewhere, backtest it ! find which pairs its works best on, backtest some more and keep going until you find a high probability edge. Dont give up , work hard and remember WHY you started this in the first place !! winners mindset. Its a journey, but the RISK:Reward is phenomenal ! Keep grinding bro !
Feel free to add me on Instagram, if you have it: @JamesRfx
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I agree with this, discipline is so important and is a hurdle that many cannot get over.